Fourth Quarter 2022 Client Investor Letter

Financial markets recovered in the fourth quarter, providing some relief in a historically challenging year. There’s still a lot of uncertainty, and we expect to see volatility in the coming months. Nonetheless, our investment approach remains steadfast – we’re focused on identifying attractive investment opportunities, regardless of market conditions. We’re constantly working to improve portfolios to weather the downturns and take advantage of the upturns, always with a long-term perspective.

The attached letter highlights the following key points:

○ There is evidence the Federal Reserve’s significant increases in interest rates are achieving the goal of slowing economic activity and reducing inflation.

○ The widespread pessimistic outlook among investors may prove excessive and create opportunities for market gains.

○ We share some of our top investment themes within our managed equity portfolios.

○ In fixed income, we remain focused on investing in shorter-term bonds offering increasingly attractive yields.

Please contact us if you want a copy of the entire letter.